RPFCX vs. FBALX

Last updated Jun 4, 2026

RPFCX (Davis Appreciation & Income Fund) and FBALX (Fidelity Balanced Fund) are both Diversified Portfolio funds. Over the past 10 years, RPFCX returned 10.17%/yr vs 11.77%/yr for FBALX. Their correlation of 0.83 suggests significant overlap in exposure. RPFCX charges 1.00%/yr vs 0.46%/yr for FBALX.

Performance

RPFCX vs. FBALX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Davis Appreciation & Income Fund (RPFCX) and Fidelity Balanced Fund (FBALX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, RPFCX achieves a 7.72% return, which is significantly lower than FBALX's 10.30% return. Over the past 10 years, RPFCX has underperformed FBALX with an annualized return of 10.17%, while FBALX has yielded a comparatively higher 11.77% annualized return.

RPFCX

• 1D: 0.42%
• 1M: 1.14%
• YTD: 7.72%
• 6M: 9.18%
• 1Y: 23.75%
• 3Y*: 17.12%
• 5Y*: 8.87%
• 10Y*: 10.17%

FBALX

• 1D: 0.23%
• 1M: 4.04%
• YTD: 10.30%
• 6M: 10.50%
• 1Y: 24.95%
• 3Y*: 16.79%
• 5Y*: 9.51%
• 10Y*: 11.77%

*Multi-year figures are annualized to reflect compound growth (CAGR)

RPFCX vs. FBALX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
RPFCX Davis Appreciation & Income Fund	7.72%	20.90%	9.10%	23.00%	-15.65%	25.74%	4.74%	20.33%	-8.02%	16.35%
FBALX Fidelity Balanced Fund	10.30%	15.11%	16.09%	20.31%	-18.29%	18.27%	22.45%	24.40%	-3.98%	16.52%

Correlation

The correlation between RPFCX and FBALX is 0.70, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.70
Correlation (3Y) Calculated over the trailing 3-year period	0.77
Correlation (5Y) Calculated over the trailing 5-year period	0.84
Correlation (10Y) Calculated over the trailing 10-year period	0.85
Correlation (All Time) Calculated using the full available price history since Jan 5, 1993	0.83

The correlation between RPFCX and FBALX shifts across timeframes, from 0.70 (1 year) to 0.85 (10 years), reflecting how their relationship changes across market environments.

Return for Risk

RPFCX vs. FBALX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

RPFCX

RPFCX Risk / Return Rank: 78
RPFCX Sharpe Ratio Rank: 83
RPFCX Sortino Ratio Rank: 82
RPFCX Omega Ratio Rank: 74
RPFCX Calmar Ratio Rank: 79
RPFCX Martin Ratio Rank: 72

FBALX

FBALX Risk / Return Rank: 87
FBALX Sharpe Ratio Rank: 90
FBALX Sortino Ratio Rank: 88
FBALX Omega Ratio Rank: 85
FBALX Calmar Ratio Rank: 84
FBALX Martin Ratio Rank: 91

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

RPFCX vs. FBALX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Davis Appreciation & Income Fund (RPFCX) and Fidelity Balanced Fund (FBALX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	RPFCX	FBALX	Difference
Sharpe ratio: Return per unit of total volatility	2.68	2.97	-0.29
Sortino ratio: Return per unit of downside risk	3.87	4.18	-0.31
Omega ratio: Gain probability vs. loss probability	1.48	1.57	-0.08
Calmar ratio: Return relative to maximum drawdown	3.57	3.94	-0.37
Martin ratio: Return relative to average drawdown	13.82	18.87	-5.05
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

RPFCX vs. FBALX - Sharpe Ratio Comparison

The current RPFCX Sharpe Ratio is 2.68, which is comparable to the FBALX Sharpe Ratio of 2.97. The chart below compares the historical Sharpe Ratios of RPFCX and FBALX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	RPFCX	FBALX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.68	2.97	-0.29
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.63	0.79	-0.15
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.69	0.92	-0.23
Sharpe Ratio (All Time) Calculated using the full available price history	0.58	0.81	-0.24

Drawdowns

RPFCX vs. FBALX - Drawdown Comparison

The maximum RPFCX drawdown since its inception was -56.39%, which is greater than FBALX's maximum drawdown of -43.57%. Use the drawdown chart below to compare losses from any high point for RPFCX and FBALX.

Drawdown Indicators

	RPFCX	FBALX	Difference
Max Drawdown Largest peak-to-trough decline	-56.39%	-43.57%	-12.82%
Max Drawdown (1Y) Largest decline over 1 year	-6.76%	-6.47%	-0.29%
Max Drawdown (3Y) Largest decline over 3 years	-14.82%	-12.88%	-1.94%
Max Drawdown (5Y) Largest decline over 5 years	-25.63%	-22.89%	-2.74%
Max Drawdown (10Y) Largest decline over 10 years	-30.72%	-26.68%	-4.04%
Current Drawdown Current decline from peak	-1.44%	0.00%	-1.44%
Average Drawdown Average peak-to-trough decline	-7.43%	-4.37%	-3.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.74%	1.35%	+0.39%

Volatility

RPFCX vs. FBALX - Volatility Comparison

The current volatility for Davis Appreciation & Income Fund (RPFCX) is 2.29%, while Fidelity Balanced Fund (FBALX) has a volatility of 2.58%. This indicates that RPFCX experiences smaller price fluctuations and is considered to be less risky than FBALX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RPFCX	FBALX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.29%	2.58%	-0.29%
Volatility (6M) Calculated over the trailing 6-month period	6.59%	6.80%	-0.21%
Volatility (1Y) Calculated over the trailing 1-year period	9.01%	8.58%	+0.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.10%	12.18%	+1.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.78%	12.78%	+2.00%

RPFCX vs. FBALX - Expense Ratio Comparison

RPFCX has a 1.00% expense ratio, which is higher than FBALX's 0.46% expense ratio.

Dividends

RPFCX vs. FBALX - Dividend Comparison

RPFCX's dividend yield for the trailing twelve months is around 5.99%, more than FBALX's 5.14% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FBALX Fidelity Balanced Fund	5.14%	5.69%	5.67%	2.28%	8.06%	9.66%	5.90%	4.24%	10.99%	7.90%	3.07%	7.70%
RPFCX Davis Appreciation & Income Fund	5.99%	6.09%	1.11%	2.91%	2.63%	0.28%	0.78%	2.03%	1.09%	0.83%	1.09%	1.19%

Frequently Asked Questions

Can I hold both RPFCX and FBALX in my portfolio?

RPFCX and FBALX have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RPFCX or FBALX?

FBALX has higher volatility (2.58%) compared to RPFCX (2.29%). In terms of maximum drawdown, RPFCX dropped -56.39% vs FBALX's -43.57%.

Which has better risk-adjusted returns?

FBALX currently has the higher Sharpe Ratio (2.97 vs 2.68), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.